2647 Broadway

JLL has been retained on an exclusive basis to arrange for the sale of 2647-2649 Broadway, a 60’ wide, ~33,000 SF, 7 story elevator mixed-use building. The property lies on the west side of Broadway between West 100th and West 101st Streets, and has been owned and opperated by the same group for nearly 35 years. The building consists of 27 residential units and 2 stores. Of the residential units, 7 are Rent Stabilized and 20 are Free Market/Vacant and poised for re-positioning in accordance with the purchaser’s business plan. The legacy Rent Stabilized units are renting for an average of $1,793 per month or approximately $21 PRSF, which represents a ~67% discount to prevailing market rates in the neighborhood. On average the apartments are estimated at approximately 900 SF and present purchasers with flexibility in regards to both future unit configurations and possible combination/divisions. The retail component is vacatable and is comprised of ~4,250 SF on the ground level and a large portion of the basement space. The basement spaces present the opportunity to increase the total rentable square footage by way of renovation and restoring windows. Neighboring retail tenants include Starbucks, Duane Reade, Westside Market, Urban Outfitters, and Chipotle. A number of new construction projects in the immediate neighborhood will boost the local population and continue to drive near term demand for quality retailers in the area. The property also presents a rare long term value-add development opportunity as it sits outside of all the local Historic Districts (C1-5/R9A zone) and possesses approximately 45,120 buildable square feet. In regards to infrastructure, ownership has recently invested in a new elevator cab and mechanicals, as well as installed a new dual capacity boiler. The units are individually metered for gas/electric. Overall, the combination of vacant units, below market rents, and future development potential offer investors a unique opportunity to acquire an elevator mixed-use building with both immediate and long-term upside. 2647-2649 Broadway will be sold on an as-is where-is basis.